I basically agree with this comment, but I’d add that the “diminishing returns” point is fairly generic, and should be coupled with some arguments about why there are very rapidly diminishing returns in US/China (seems false) or non-trivial returns in Europe (seems plausible, but non-obvious, and also to be one of the focuses of the OP).
To answer your question: no.
I basically agree with this comment, but I’d add that the “diminishing returns” point is fairly generic, and should be coupled with some arguments about why there are very rapidly diminishing returns in US/China (seems false) or non-trivial returns in Europe (seems plausible, but non-obvious, and also to be one of the focuses of the OP).